Directorate Change (6256C)
March 09 2011 - 7:24AM
UK Regulatory
TIDMOAH
RNS Number : 6256C
Oak Holdings PLC
09 March 2011
9 March 2011
Oak Holdings plc
Board change and update
The Board of Oak Holdings plc (the "Company" or "Oak") announces
that, Steve Lewis has resigned as Chief Executive of the Company
and as a Director of the Company and of its subsidiaries with
immediate effect. Steve was the originator and leader of the YES!
Project concept which has ended following the disappointing
termination of the Development Agreement for the project as
announced on 24 January 2011. Following this termination, Steve
considered that his skills could no longer be effectively deployed
by Oak. Steve has agreed that he will make himself available to Oak
to progress property consultancy and other suitable projects as
appropriate on terms to be agreed.
It has been agreed with Steve that, in respect of approximately
GBP125,000 owed to him by the Company, this amount will be
satisfied in due course by the issue to him of new ordinary shares
in the Company. Such issue will be made if and when new funds are
injected into the Company pursuant to discussions with a third
party referred to below. The terms of any share issue to Mr Lewis
will be similar to the terms of such placing, failing which the
terms will be established through a later negotiation. As this
agreement is between the Company and a director, it is a related
party transaction with the meaning of the AIM Rule 13. The
directors of the Company (excluding Steve Lewis) consider, having
consulted with the Company's Nominated Adviser, Cairn Financial
Partners LLP, that the terms of the transaction are fair and
reasonable insofar as the shareholders of the Company are
concerned.
Oak continues to be in discussions with a third party with a
view to agreeing terms for an injection of funds into the Company
and continues to explore other options including the acquisition
for shares of a new business or assets. Shareholders will be
further updated in due course.
Enquiries
Oak Holdings plc
Mike Woodcock
Chairman
Tel: 020 7493 5522
Nominated Adviser to Oak Holdings plc
Cairn Financial Advisers LLP
Tony Rawlinson
Tel: 020 7148 7900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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